In the news
- China oil majors spill red ink in blow to economic revival plan May 1, 2020
- Falling commodity prices deal blow to Asia's oil and metals companies Apr 3, 2020
- Coronavirus and low prices dash Chinese oil majors' plans for 2020 Mar 31, 2020
- Asian stocks fall as investors analyze government measures to contain virus impact Mar 18, 2020
- Hong Kong stocks plunge as further US sell-off rattles markets Mar 13, 2020 See more articles on CNOOC Ltd.
CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.
CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.
The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.
In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.
In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.
|Income before tax||95,982.62M||12,250.18M|
|Dividends Per Share||0.78||0.09|
|Operating cash flow||139,098.66M||17,753.05M|
|Currency in HKD||Currency in USD|
|Dec 2015||Dec 2016||Dec 2017||Dec 2018||Dec 2019|
|Income before tax||18,782.21M||-6,074.60M||41,922.78M||95,163.76M||95,982.62M|
|Dividends Per Share||0.50||0.35||0.50||0.70||0.78|
|Operating cash flow||96,207.79M||82,863.07M||106,575.20M||145,712.70M||139,098.66M|
|Dec 2015||Dec 2016||Dec 2017||Dec 2018||Dec 2019|
|Income before tax||2,422.70M||-782.56M||5,379.66M||12,142.03M||12,250.18M|
|Dividends Per Share||0.06||0.04||0.06||0.08||0.09|
|Operating cash flow||12,409.78M||10,674.85M||13,676.08M||18,591.62M||17,753.05M|
- Chief Executive Officer & Executive Director: Ke Qiang Xu
- President & Executive Director: Guang Jie Hu
- Chief Financial Officer: Wei Zhi Xie
- Joint Secretary & Compliance Officer: Xiaonan Wu
- Chief Safety Officer, EVP & GM-Exploration: Yu Hong Xie
- China State-Owned Assets Supervision & Admn Commission (64.4%)
- The Vanguard Group, Inc. (1.2%)
- BlackRock Fund Advisors (0.9%)
- Hang Seng Investment Management Ltd. (0.7%)
- Dimensional Fund Advisors LP (0.5%)
- APG Asset Management NV (0.5%)
- Norges Bank Investment Management (0.4%)
- State Street Global Advisors Asia Ltd. (0.4%)
- Schroder Investment Management Ltd. (0.3%)
- Baillie Gifford & Co. (0.3%)
- Address: 65th Floor, Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
- Phone: +852.2213.2500
- CNOOC West Africa Petroleum E & P SA
- CNOOC Madura Ltd.
- China Offshore Oil Corporation E&P Services Mexico SAPI de CV
- CNOOC International Energy Services (Beijing) Ltd.
- CNOOC Iceland ehf
- De cooperatieve vereniging CNOOC Netherlands UA
- CNOOC Reserves Fund I Ltd
- CNOOC Poleng Ltd.
- CNOOC Renewable Energy Co., Ltd.
- CNOOC U.K. Marketing Ltd.
- CEPR Ltd.
- Nexen Nigerian Holdings Cooperatief UA
- Wascana Energy 2001 Ltd.
- Nexen Petroleum Operations Yemen Ltd.
- Nexen Petroleum Exploration & Production Nigeria Ltd.
- Nexen Petroleum Deepwater Nigeria Ltd.
- CNOOC Petroleum Colombia Ltd.
- Nexen Oilfield Services Nigeria Ltd.
- Nexen Oil & Gas Holdings U.S.A. LLC
- CNOOC Holdings West Africa Ltd.
- Nexen Energy Capital Management U.S.A., Inc.
- CNOOC Energy Acquisitions Holdings Ltd.
- CNOOC Petroleum Guyana Ltd.
- CNOOC Canada Energy Ltd.
- CanadianOxy Offshore Production Co.
- Canadian Nexen Petroleum East Al Hajr Ltd.
- CNOOC New Zealand E&P Ltd.
- CNOOC Luxembourg Holding SARL
- CNOOC Hainan Dock Ltd.
- CNOOC Netherlands BV
- PetroChina Company Limited Class H
- China Petroleum & Chemical Corporation Class H
- Cenovus Energy Inc.
- Imperial Oil Limited
- Eco (Atlantic) Oil & Gas Ltd.
- FAR Ltd
- Hurricane Energy Plc
- Indonesia Energy Corporation Limited
- Jersey Oil & Gas PLC
- Trinity Exploration & Production Plc
- Blue Energy Limited
- Hubei Guochuang Hi-Tech Material Co ltd Class A
- PT Wintermar Offshore Marine Tbk
- Taiwan Prosperity Chemical Corporation
- TechnipFMC Plc
- Vista Oil & Gas SA de CV Class A
Copyright © 2020 FactSet Research Systems Inc. All rights reserved.Last Updated on 28 Oct, 2020
Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.